Micron Technology (MU) stock is down after Jim Cramer explained why the company has a dim future on CNBC's Mad Money show Friday night.

NEW YORK (TheStreet) -- Shares of Micron Technology Inc (MU) were falling, down 2.67% to $19.14 in late morning trading Monday, after Jim Cramer explained why he thinks the company's stock may continue to slip on CNBC's Mad Money show Friday night.

"There is no room for anyone in this sad, sad PC business right now. And the future, it grows dimmer not brighter," he added.

Cramer added that he was hoping Micron's 3D and NAND flash memory business could save the day, and keep the stock from burying itself in new lows.

Boise, Idaho-based Micron Technology is a global manufacturer and marketer of semiconductor devices, principally NAND Flash, DRAM and NOR Flash memory, as well as other memory technologies, packaging solutions and semiconductor systems for use in computing, consumer, networking, automotive, industrial, embedded and mobile products.

Separately, TheStreet Ratings team rates MICRON TECHNOLOGY INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate MICRON TECHNOLOGY INC (MU) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, attractive valuation levels and notable return on equity. We feel its strengths outweigh the fact that the company has had sub par growth in net income."